Italian government hits out at 'political' downgrade

Italy has today criticised Standard & Poor's for downgrading its credit rating, saying the decision was out of touch with reality at a time when the government is working to boost growth and reduce its debts.

Late yesterday, S&P cut Italy's credit rating by one notch to A from A+ in light of what it sees as the country's weakening economic growth prospects and higher-than-expected levels of government debt.